Question 2.1.13 Data Field (15)

What order status should be given when reporting “Stop-loss” when it is not activated?

Example:

The TRUM does not contain any examples of reporting “Stop-loss” order whereas it is quite commonly used by market participants.

Because “Stop-loss” order before its activation is not visible in the order book of the organised market place it cannot be reported as ACT (active). Should it be reported in the field “Order status” as SUS (Suspended) or OTH (Other)?

Answer

Orders have to be reported when they are visible to the market. This means that in some circumstances they may not be visible to the market and they are not reportable. Once triggered and visible to the market, these orders are reportable with the information that triggered and made them active in the market.

If a “Stop-loss” order is not activated and not visible in the order book of the Organised Market Place, it cannot be reported as active (ACT). Once the order is triggered, this will be reported with the following information:

Once the market order is triggered at 50 EUR and it is entered into the market

and in the XML file:

<triggerDetails>

<priceLimit>

<value>50</value>

<currency>EUR</currency>

</priceLimit>

</triggerDetails>

Or, if the order was a Price Limit order:

  and in the XML file:

<triggerDetails>

<priceLimit>

<value>50</value>

<currency>EUR</currency>

</priceLimit>

</triggerDetails>

The Agency understands that there may be other combinations of order types and order conditions that may require additional guidance. This can be provided on an ad-hoc basis.